Macroeconomic policies in the US and the EU: implications for Vietnam

Prof. Donald M.Peppard
This is the theme of the seminar held by Faculty of Development Economics, VNU University of Economics and Business (UEB) on 8th May 2015 with participation and presentation of Prof. Donald M. Peppard from Connecticut University, USA.

Attending the seminar, there were experts from University of Commerce, Ho Chi Minh National Academy of Politics and Public Administration together with faculties, partners and students of the UEB and Faculty of Development Economics.

After introducing Prof. Donald and his main research fields, Dr. Nguyen Viet Thanh - Associate Dean of the Faculty of Development Economics emphasized the main goals of the seminar: (1) Investigation on macroeconomic policies of the US and EU and implications for Vietnam; (2) Discussion on relevant issues of Trans-Pacific Strategic Economic Partnership Agreement (TPP). At the same time, he hoped that the seminar will receive comments and practical cases from participants in order to strengthen the capacity of faculties and students.

At the seminar, Prof. Donald M.Peppard presented the discussion "Bad macroeconomics policies in the US and Europe and some implications for Vietnam". In the presentation, he clarified the close relation between Vietnam economy and the economies of the US and EU, simultaneously presented the concepts and process of expansionary austerity, which was widely used in the US and the EU countries in the economic crisis of 2007-2008. Using statistics and proofs, Prof. Donald proved that these policy measures of the State, including reducing public spending, tax increases, pay cuts and reduction of subsidies, did not bring the expected results. In contrast, it made the economy of the US and other EU countries such as Spain, France and the UK grow less than their potential. From such experiences, the policy implications for Vietnam are given.

After the break, Prof. Donald continued with the second paper entitled "The political problem of the TPP in the US". With his deep understanding of the political economy of the US, Prof. Donald showed the complex and difficult-to-solve barriers for adoption of TPP in the US. He also predicted that if these barriers are not solved quickly and thoroughly, TPP can hardly be signed in the near future. At the end of his talk, Prof. Donald presented some policies of Vietnam and the US in preparation for signing of TPP.

The two presentations of Prof. Donald received great interest and positive responses from participants. The statistics and proofs were highly valued for its significance for Vietnam, both theoretically and practically. Various questions on the macroeconomic policies in general and the expansionary austerity policy in particular as well as relation between Vietnam economy and economies of the US/EU, differences in impacts of macroeconomic policies at national level, political system and the policy decision making process in the US were given and discussed lively at the seminar.

Speakers and participants at the seminar

Ending the seminar, Dr. Nguyen Viet Thanh thanked experts, participants, faculties and students for attending the seminar. He also hoped that the Faculty will continue receiving collaboration and contribution from scientists, experts and faculties, so that more academic workshop/conference of high quality will be held in the future.

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Thanh Tu

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